Credit for Increasing Research Activities; Correction, 47108-47109 [05-15827]
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47108
Federal Register / Vol. 70, No. 155 / Friday, August 12, 2005 / Rules and Regulations
§ 542.42 What are the minimum internal
control standards for internal audit for Tier
C gaming operations?
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(g) Internal Audit Guidelines. In
connection with the internal audit
testing pursuant to paragraph (b)(1) of
this section, the Commission shall
develop recommended Internal Audit
Guidelines, which shall be available
upon request.
Signed in Washington, DC, this 8th day of
August, 2005.
Philip N. Hogen,
Chairman.
Nelson Westrin,
Vice-Chairman.
Cloyce Choney,
Commissioner.
[FR Doc. 05–16056 Filed 8–12–05; 8:45 am]
This correction is effective on
May 24, 2005.
FOR FURTHER INFORMATION CONTACT:
Nicole R. Cimino, (202) 622–3120 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
DATES:
Background
BILLING CODE 7565–01–P
The temporary regulations (TD 9205)
that is the subject of this correction are
under section 41(f).
18. Amend § 542.43 by revising
paragraph (r)(3) introductory text to read
as follows:
DEPARTMENT OF THE TREASURY
Need for Correction
§ 542.43 What are the minimum internal
control standards for surveillance for Tier C
gaming operations?
26 CFR Part 1
As published, the temporary
regulations (TD 9205) contain errors that
may prove to be misleading and are in
need of clarification.
[TD 9205]
List of Subjects in 26 CFR Part 1
*
RIN 1545–BE17
Income Tax, Reporting and
recordkeeping requirements.
I
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(r) * * *
(3) Wide-area progressive machine.
Wide-area progressive gaming machines
offering a base payout amount of $1
million or more and monitored by an
independent vendor utilizing an on-line
progressive computer system shall be
recorded by a dedicated camera(s) to
provide coverage of:
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Internal Revenue Service
Credit for Increasing Research
Activities; Correction
Correction of Publication
AGENCY:
Internal Revenue Service (IRS),
Treasury.
ACTION: Correcting amendment.
I
SUMMARY: This document corrects
temporary regulations (TD 9205) that
were published in the Federal Register
on Tuesday, May 24, 2005 (70 FR
29596). The document contains
temporary regulations relating to the
computation and allocation of the credit
for increasing research activities for
members of a controlled group of
corporations or a group of trades or
businesses under common control.
PART 1—INCOME TAXES
D
Credit Year QREs .........................................................................................................
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Accordingly, 26 CFR part 1 is corrected
by making the following correcting
amendment:
Paragraph 1. The authority citation for
part 1 continues to read in part as
follows:
I
Authority: 26 U.S.C. 7805 * * *
§ 1.41–6T
E
$580x
*
[Corrected]
1. Section 1.41–6T(e) Example 2 (i),
the first line in the table is revised to read
as follows:
I
F
$10x
*
$70x
Group
Aggregate
G
$15x
*
$675x
*
2. Section 1.41–6T(e) Example 2 (i),
second line in the table is revised to read
as follows:
I
D
*
*
*
3. Section 1.41–6T(e) Example 2
(ii)(B)(1), the first sentence is revised to
read as follows: ‘‘The group’s base
amount equals the greater of: the group’s
fixed-base percentage (3.10 percent)
multiplied by the group’s aggregate
average annual gross receipts for the 4
taxable years preceding the credit year
I
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12:47 Aug 11, 2005
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*
E
*
$500x
F
$25x
*
$100x
Group
Aggregate
G
*
$25x
$650x
($17,000x), or the group’s minimum base member of the group is allocated an
amount of the group credit equal to that
amount ($337.50x).’’
member’s stand-alone equity credit.’’
I 4. Section 1.41–6T(e) Example 2 (iii),
the eighth sentence is revised to read as I 5. Section 1.41–6T(e) Example 2 (iii),
follows: ‘‘Because the group credit of
the ninth sentence is revised to read as
$29.76x is greater than the sum of the
follows: ‘‘The excess of the group credit
stand-alone entity credits of all the
over the sum of the members’ stand alone
members of the group ($21.67x), each
entity credits ($8.09x) is allocated among
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47109
Federal Register / Vol. 70, No. 155 / Friday, August 12, 2005 / Rules and Regulations
the members of the group based on the
ratio that each member’s QREs bear to
the sum of the QREs of all the members
of the group.’’
6. Section 1.41–6T(e) Example 2 (iii),
the fourth line in the table is revised to
read as follows:
I
D
*
*
*
*
Excess Group Credit ....................................................................................................
*
*
*
7. Section 1.41–6T(e) Example 3
(ii)(C), the second sentence is revised to
read as follows: ‘‘The excess of the group
credit over the sum of the members’
stand-alone entity credits ($10.00x) is
I
E
*
$8.09x
*
F
$8.09x
*
allocated among the members of the
group based on the ratio that each
member’s QREs bear to the sum of the
QREs of all the members of the group.’’
*
$8.09x
*
*
*
*
$8.09x
*
Total
*
................
*
8. Section 1.41–6T(e) Example 3
(ii)(C), the fourth line in the table is
revised to read as follows:
I
DE
*
*
*
*
*
Excess Group Credit ........................................................................................................................
G
$10.00x
*
F
*
$10.00x
G
$10.00x
*
Total
*
................
*
9. Section 1.41–6T(e) Example 3
(iii)(C), the fourth line in the table is
revised to read as follows:
I
D
*
*
*
*
*
Excess Group Credit ............................................................................................................................................
*
*
*
*
*
10. Section 1.41–6T(e) Example 5 (iii),
the first sentence is revised to read as
follows: ‘‘Under paragraph (c)(2) of this
section, the stand-alone entity credit for
each member of the group must be
computed using the method that results
in the greater stand-alone entity credit
for that member.’’
DEPARTMENT OF THE TREASURY
11. Section 1.41–6T(j), the second
sentence is revised to read as follows:
‘‘Generally, a taxpayer may use any
reasonable method of computing and
allocating the credit for taxable years
ending before May 24, 2005.’’
Section 411(d)(6) Protected Benefits
I
I
Guy Traynor,
Acting Chief, Publications and Regulations
Branch, Legal Processing Division, Associate
Chief Counsel, (Procedures and
Administration).
[FR Doc. 05–15827 Filed 8–11–05; 8:45 am]
BILLING CODE 4830–01–P
VerDate jul<14>2003
12:47 Aug 11, 2005
Jkt 205001
Internal Revenue Service
26 CFR Parts 1 and 54
[TD 9219]
RIN 1545–BC26
Internal Revenue Service (IRS),
Treasury.
ACTION: Final regulation.
AGENCY:
SUMMARY: This document contains final
regulations providing guidance
regarding the anti-cutback rules of
section 411(d)(6) of the Internal
Revenue Code, which generally protect
accrued benefits, early retirement
benefits, retirement-type subsidies, and
optional forms of benefit under
qualified retirement plans. The
regulations address the limited
circumstances under which a qualified
retirement plan is permitted to be
amended to eliminate or reduce early
retirement benefits, retirement-type
subsidies, or optional forms of benefit.
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$6.83x
*
E
$6.83x
Total
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The final regulations also provide
related guidance concerning the notice
requirements of section 4980F. These
final regulations generally affect
sponsors of, and participants in,
qualified retirement plans.
DATES: Effective date: These regulations
are effective on August 12, 2005.
Applicability date: For dates of
applicability of these regulations, see
§ 1.411(d)–3(j) of these regulations.
FOR FURTHER INFORMATION CONTACT:
Pamela R. Kinard at (202) 622–6060 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
This document contains amendments
to 26 CFR parts 1 and 54 under sections
411(d)(6) and 4980F of the Internal
Revenue Code (Code). This Treasury
Decision amends § 1.411(d)3 of the
Treasury regulations to reflect changes
to section 411(d)(6) made by the
Economic Growth and Tax Relief
Reconciliation Act of 2001, Public Law
107–16 (155 Stat. 38) (EGTRRA). In
addition, this Treasury Decision
E:\FR\FM\12AUR1.SGM
12AUR1
]]>Agencies
[Federal Register Volume 70, Number 155 (Friday, August 12, 2005)]
[Rules and Regulations]
[Pages 47108-47109]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-15827]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9205]
RIN 1545-BE17
Credit for Increasing Research Activities; Correction
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: This document corrects temporary regulations (TD 9205) that
were published in the Federal Register on Tuesday, May 24, 2005 (70 FR
29596). The document contains temporary regulations relating to the
computation and allocation of the credit for increasing research
activities for members of a controlled group of corporations or a group
of trades or businesses under common control.
DATES: This correction is effective on May 24, 2005.
FOR FURTHER INFORMATION CONTACT: Nicole R. Cimino, (202) 622-3120 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The temporary regulations (TD 9205) that is the subject of this
correction are under section 41(f).
Need for Correction
As published, the temporary regulations (TD 9205) contain errors
that may prove to be misleading and are in need of clarification.
List of Subjects in 26 CFR Part 1
Income Tax, Reporting and recordkeeping requirements.
Correction of Publication
0
Accordingly, 26 CFR part 1 is corrected by making the following
correcting amendment:
PART 1--INCOME TAXES
0
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Sec. 1.41-6T [Corrected]
0
1. Section 1.41-6T(e) Example 2 (i), the first line in the table is
revised to read as follows:
----------------------------------------------------------------------------------------------------------------
Group
D E F G Aggregate
----------------------------------------------------------------------------------------------------------------
Credit Year QREs......................................... $580x $10x $70x $15x $675x
* * * * * * *
----------------------------------------------------------------------------------------------------------------
0
2. Section 1.41-6T(e) Example 2 (i), second line in the table is
revised to read as follows:
----------------------------------------------------------------------------------------------------------------
Group
D E F G Aggregate
----------------------------------------------------------------------------------------------------------------
* * * * * * *
$500x $25x $100x $25x $650x
----------------------------------------------------------------------------------------------------------------
0
3. Section 1.41-6T(e) Example 2 (ii)(B)(1), the first sentence is
revised to read as follows: ``The group's base amount equals the
greater of: the group's fixed-base percentage (3.10 percent) multiplied
by the group's aggregate average annual gross receipts for the 4
taxable years preceding the credit year ($17,000x), or the group's
minimum base amount ($337.50x).''
0
4. Section 1.41-6T(e) Example 2 (iii), the eighth sentence is revised
to read as follows: ``Because the group credit of $29.76x is greater
than the sum of the stand-alone entity credits of all the members of
the group ($21.67x), each member of the group is allocated an amount of
the group credit equal to that member's stand-alone equity credit.''
0
5. Section 1.41-6T(e) Example 2 (iii), the ninth sentence is revised to
read as follows: ``The excess of the group credit over the sum of the
members' stand alone entity credits ($8.09x) is allocated among
[[Page 47109]]
the members of the group based on the ratio that each member's QREs
bear to the sum of the QREs of all the members of the group.''
0
6. Section 1.41-6T(e) Example 2 (iii), the fourth line in the table is
revised to read as follows:
----------------------------------------------------------------------------------------------------------------
D E F G Total
----------------------------------------------------------------------------------------------------------------
* * * * * * *
Excess Group Credit...................................... $8.09x $8.09x $8.09x $8.09x .........
* * * * * * *
----------------------------------------------------------------------------------------------------------------
0
7. Section 1.41-6T(e) Example 3 (ii)(C), the second sentence is revised
to read as follows: ``The excess of the group credit over the sum of
the members' stand-alone entity credits ($10.00x) is allocated among
the members of the group based on the ratio that each member's QREs
bear to the sum of the QREs of all the members of the group.''
0
8. Section 1.41-6T(e) Example 3 (ii)(C), the fourth line in the table
is revised to read as follows:
------------------------------------------------------------------------
DE F G Total
------------------------------------------------------------------------
* * * * * * *
Excess Group Credit......... $10.00x $10.00x $10.00x .........
* * * * * * *
------------------------------------------------------------------------
0
9. Section 1.41-6T(e) Example 3 (iii)(C), the fourth line in the table
is revised to read as follows:
------------------------------------------------------------------------
D E Total
------------------------------------------------------------------------
* * * * * * *
Excess Group Credit.................... $6.83x $6.83x .........
* * * * * * *
------------------------------------------------------------------------
0
10. Section 1.41-6T(e) Example 5 (iii), the first sentence is revised
to read as follows: ``Under paragraph (c)(2) of this section, the
stand-alone entity credit for each member of the group must be computed
using the method that results in the greater stand-alone entity credit
for that member.''
0
11. Section 1.41-6T(j), the second sentence is revised to read as
follows: ``Generally, a taxpayer may use any reasonable method of
computing and allocating the credit for taxable years ending before May
24, 2005.''
Guy Traynor,
Acting Chief, Publications and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, (Procedures and Administration).
[FR Doc. 05-15827 Filed 8-11-05; 8:45 am]
BILLING CODE 4830-01-P
